Makers of Vioxx May Owe Unpaid Taxes ~ OPOLAW Injury Blog

Thursday, December 21, 2006

Makers of Vioxx May Owe Unpaid Taxes

Pharmaceutical company Merck has been sent a notice by the Canadian government for $2 billion Merck owes in unpaid taxes on a portion of profits from popular asthma drug Singulair. Revenue Canada is seeking an amount based on a federal tax rate of 22 per cent, and includes interest and a penalty. There is a risk that the cost will escalate if the Quebec government also demands its share of unpaid taxes, which total $1 billion. Merck Frosst employs 1,600 workers in Canada, including 1,100 in Montreal. This isn't the first time Merck has received notice for unpaid taxes - last December (05) Merck Frosst's parent company received a tax bill from the U.S. Internal Revenue Service totaling $2.3 billion.

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